Saudi Arabia is taking significant steps to combat climate change with the launch of the Greenhouse Gas Crediting and Offsetting Mechanism (GCOM). This domestic market mechanism, announced during MENA Climate Week 2023 in Riyadh, aims to reduce greenhouse gas emissions and promote sustainability in alignment with Saudi Vision 2030’s environmental sustainability goals.
Key Highlights of GCOM:
- Voluntary Offset Scheme: GCOM allows companies and entities to voluntarily offset their emissions. Participants can purchase credits from projects that actively reduce or remove greenhouse gas emissions, aligning with Article 6 of the Paris climate agreement, which emphasizes project-based and voluntary participation.
- Comprehensive and Inclusive: GCOM covers a wide range of greenhouse gas and non-greenhouse gas metrics across all sectors. It is open to both public and private sectors, including subsidiaries of foreign firms, fostering collective action to address climate change.
- Supporting Net-Zero Goals: GCOM incentivizes entities in Saudi Arabia to engage in emissions reduction and removal activities. It contributes to the Kingdom’s ambitious target of achieving Net-Zero emissions by 2060, a crucial step in the global effort to combat climate change.
This initiative underscores Saudi Arabia’s commitment to addressing climate change and its dedication to making meaningful contributions to the global efforts to combat this pressing issue. As the world faces increasing environmental challenges, GCOM represents a significant stride toward a more sustainable and climate-resilient future.
By FCCT Editorial Team
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